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NAFCU is asking for member credit unions' feedback on the CFPB's administrative adjudication process through a Regulatory Alert sent yesterday. NAFCU continues to work with the CFPB to find ways to reduce credit unions' regulatory burden and help the bureau improve its functions.

The CFPB, in a request for information (RFI) earlier this month, said it would like to better understand the benefits and impacts of administrative adjudications and how the existing process could be improved.

In the Regulatory Alert, NAFCU noted that:

• the CFPB is willing to consider whether it should conduct enforcement proceedings in federal court in all instances, as opposed to availing itself of administrative adjudications; and
• the RFI presents sample questions which suggest that the CFPB is willing to adopt more flexible rules of practice that would tend to favor the party subject to the enforcement proceeding.

The CFPB's RFI on administrative adjudications is one in a series of requests to obtain public feedback on how to improve its functions and outcomes for consumers and the entities it regulates. It has issued three other requests so far; NAFCU expects the bureau to issue additional RFIs that will similarly seek to review and revise other existing CFPB rules.

Member credit unions can submit comments to NAFCU on the administrative adjudication RFI until March 23; comments are due to the CFPB April 6. Other Regulatory Alerts can be found here.